NZ dollar rises; bank capital rules less harsh than expected

NZ dollar rises; bank capital rules less harsh than expected
Jenny Ruth
The New Zealand dollar rose after the Reserve Bank's final decisions on bank capital proved less onerous than feared. The kiwi was trading at 65.35 US cents at 5pm after spiking at 65.62 cents earlier from 65.25 cents at 8am. The trade-weighted index was at 72.27 points from 72.14. The RBNZ extended the transition period for banks to increase their capital from five to seven years. Although it kept the tier 1 capital requirement for the big four banks at 16 percent of risk-weighted assets, up from 8.5 percent currently, it will allow 2...

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